Heat the olive oil in a large deep skillet or pot over medium-high heat.
Add the ground beef and cook, breaking it up with a spoon, until browned and no longer pink, about 5 minutes.
Add the chopped onion, green bell pepper, and minced garlic to the pot. Cook until the vegetables are softened, about 4 minutes.
Stir in the rinsed rice and cook for 1 minute, coating the rice with the beef and vegetables.
Add the beef broth, water, tomato sauce, ketchup, Worcestershire sauce, brown sugar, chili powder, smoked paprika, salt, and black pepper. Stir well to combine.
Bring the mixture to a boil, then reduce heat to low and cover the pot with a tight-fitting lid.
Simmer for 18 to 20 minutes, or until the rice is tender and has absorbed most of the liquid.
Remove the pot from heat and let it sit, covered, for 5 minutes.
Fluff the rice with a fork and stir to combine all ingredients evenly before serving.